Ann: June 2020 Quarterly Activities Report and Appendix 5B, page-11

If I understand your table, you are using a price metric ($2.79 per GJ 2P) from 2008/9 which is twelve years ago. Do you really believe that is relevant in today's market?

The price metric for IRONBARK that you quote is $1.79 per GJ 2P. Applying this more up-to-date metric reduces your 0.27 cents per share to 0.17 cents per share.

However, you can see that gas prices today are around $3.60 per GJ (https://www.aemo.com.au/energy-systems/gas/gas-supply-hub-gsh/data-gsh/data-dashboard)

The IRONBARK deal was struck in February 2019, pre-COVID and before gas prices had crashed.

With development costs of $5-7 per GJ, why would anyone pay $1.79 for gas in the ground when they can pay $3.60 for gas in the pipe? The answer is they won't.

I don't mean to criticise your analysis but I question whether your assumptions going in to your analysis are realistic.

One other point - if your assumption is that the company will succeed in selling a share of Mahalo to fund its activities in Mahalo North, then you will need to reduce the value of its interest in Mahalo.